Yellen warns inflation in the U.S. is 'unacceptably high'
BALI, Indonesia — U.S. Treasury Secretary Janet Yellen has warned that inflation in the U.S. is "unacceptably high" and said bringing down rising prices will be Washington's "top priority." Data released on Wednesday showed U.S. consumer inflation rose to 9.1%, the highest level since 1981. "We're first and foremost supportive of the Fed's efforts; what they deem to be necessary to get inflation under control," she said at a press conference in Bali ahead of the Group of 20 finance ministers' meeting. "Beyond that, we are taking our own steps which we believe will be supportive in the short term to get inflation down — particularly what we're doing on energy prices and the Strategic Petroleum Reserve." "And also the work that we're doing to institute the price cap on Russian oil and to avoid potential future spikes in oil prices."
cnbc.comA ‘Price Cap’ on Russian Oil — What Would That Mean?
Since the US and its allies decided to stop buying Russia’s oil, there’s been little sign that the measure is inflicting the kind of pain that might force President Vladimir Putin to rethink his war in Ukraine. Plenty of other countries are still buying Russian crude, and a surge in prices has softened the blow from the sanctions by bringing Moscow enough revenue to stave off economic collapse. So the US is pushing a new idea: make Russia sell its oil so cheaply that it can no longer afford to w
washingtonpost.comWhat ‘Friend-Shoring’ Means for Trade in a Less-Friendly World
Over the past few years, the world has experienced an escalating series of trade disruptions -- the US-China trade war, the Covid-19 pandemic and the supply-chain disruptions it caused, Russia’s invasion of Ukraine and the dueling sanctions and export controls that followed. Their cumulative impact has called into question the vision of a globalized economy. In response, some US officials are pushing “friend-shoring” -- a happy-sounding label for a world divided between free-market democracies a
washingtonpost.comWhat ‘Friend-Shoring’ Means for Trade in a Less-Friendly World
Over the past few years, the world has experienced an escalating series of trade disruptions -- the US-China trade war, the Covid-19 pandemic and the supply-chain disruptions it caused, Russia’s invasion of Ukraine and the dueling sanctions and export controls that followed. Their cumulative impact has called into question the vision of a globalized economy. In response, some US officials are pushing “friend-shoring” -- a happy-sounding label for a world divided between free-market democracies a
washingtonpost.comYellen: inflation to 'remain high;' hopes it's 'coming down'
Treasury Secretary Janet Yellen acknowledged Tuesday that she and Federal Reserve Chair Jerome Powell “could have used a better word” than “transitory” when describing the expected run of inflation in the U.S. economy. “I do expect inflation to remain high although I very much hope that it will be coming down now,” Yellen told the Senate Finance Committee during a hearing on the agency’s latest budget request. The Federal Reserve and Treasury Department have been increasingly blamed by legislators and the public for allowing inflation to reach record highs — notably an 8.3% leap in consumer prices over the past year.
news.yahoo.comRon Insana: Policymakers should stop apologizing. Inflation really was 'transitory'
If history is any guide, inflation spikes that follow massive disruptive events, like World War I and the "Spanish Flu," or World War II, last a couple of years before plunging again once supply and demand came back into balance. And by transitory, I mean a year or two, not a month or two, as many misinterpreted the Fed's choice of words last year. It just might be that inflation will, in fact, be transitory after all. When the U.S. entered World War I in 1917, inflation surged to a rate of 17.8%, followed by 17.3% in 1918 and then 15.6% in 1919. Inflation "breakevens," a measure of bond market expectations of future inflation, have rolled over decidedly.
cnbc.comInflation, Russia-Ukraine war draw G7 finance leaders' focus
Finance ministers for the Group of Seven leading economies are grappling with deepening inflation concerns and the immediate effects of Russia’s war in Ukraine, with U_S_ Treasury Secretary Janet Yellen warning that it all adds up to a “very difficult economic situation.”.